UK EMI Licensing Made Easy
Looking to expand your FinTech services in the UK market quickly and efficiently? A UK EMI license is essential for offering a range of regulated services, from e-wallet, e-money issuance and payment processing to IBAN accounts, payment cards, and SWIFT payments. With a UK EMI license, you can build trust as a regulated entity, attract customers and investors, and position your business for growth and valuable partnerships.
- Your External Compliance Team: We’ll handle the complex FCA requirements, letting you focus on your business. We’ll build a strong application to boost your approval chances.
- Comprehensive Support: We offer a one-stop service for UK EMI application, including legal consultation, document review, AML/KYC policy development, external audit arrangements, and more. We streamline the process to save you time and effort.
- Flexible Options: Need speed? We can help you explore EMI acquisitions for a faster route, if your budget allows.
Ready to launch your UK EMI? Let’s partner up! Contact us today.
- Expand Your Reach: Offer a diverse range of services like e-money issuance, payment processing, IBAN accounts, payment cards, and SWIFT payments.
- Build Trust: Gain credibility, attract customers and investors by operating as a regulated entity.
- Valuable Asset: Your EMI licence can increase your business value and open doors to new partnerships or funding opportunities.
To secure a UK EMI licence from the FCA, you must meet these requirements:
- Initial Capital: GBP 350,000.
- Registration Fee: GBP 5,000.
- Safeguarding: Have a plan to protect client funds (segregated accounts or insurance).
- Leadership: Appoint UK-based leadership with proven financial services experience.
- Plan: Submit a detailed business plan outlining operations, risk management, forecast budget for the next three years, and security.
With a UK EMI license, electronic money institutions can legally provide a wide range of regulated financial services, expanding their reach in the UK market. Key services include:
- Issuing Electronic Money: Create and manage digital payment solutions such as prepaid cards and e-wallets.
- Cash Deposits and Withdrawals: Facilitate cash deposits into and withdrawals from payment accounts.
- Payment Transactions: Execute payment transactions, including fund transfers, direct debits, card transactions, and credit transfers.
- Issuing Payment Instruments: Issue payment instruments and acquire payment transactions for greater service versatility.
- Money Remittance: Enable secure, compliant money transfers domestically and internationally.
- Payment Initiation Services (PIS): Initiate payments on behalf of customers, adding convenience and flexibility.
- Account Information Services (AIS): Offer comprehensive account information services, allowing users to access and manage their financial data.
A UK EMI license equips businesses to offer these diverse services, driving credibility and compliance in the competitive financial market.
Step 1: Evaluation
2 - 4 weeks We'll assess your business plan, advise on structure, and outline requirements, costs, and timelines.
Step 2: Fit & Proper
Estimated 1 - 2 weeks We ensure your team is qualified and ready for FCA compliance.
Step 3: Company Formation
Approximately 1 week We'll set up your UK LLC.
Step 4: Documentation & Preparation
Estimated 4-6 weeks, complex cases may take longer We'll help craft your plan, forecasts, policies, and coordinate with your departments to build a strong application package that meets FCA’s standard.
Step 5: Local Presence
Estimated 2 - 4 weeks, can be done in parallel with Documentation Prep We'll assist with recruiting local staff (director, CoSec, MLRO) and securing office space.
Step 6: Safeguarding Accounts
Estimated 2 - 4 weeks We'll leverage our connections to help open safeguarding accounts and access payment infrastructure
Step 7: FCA Submission
Estimated 1 - 2 weeks We'll submit your application electronically via the FCA's Connect system.
Step 8: FCA Follow-up
Estimated variable, can range from a few weeks to several months We'll support you throughout any follow-ups, questions, or interviews with the FCA.- Costs: Expect setup costs (local staff, accounting), licensing fees, and ongoing compliance like auditing and reporting. Contact us for a clear breakdown.
- Timeline: Based on our experience, the process can take several months. We’ll streamline it, aiming for the fastest possible outcome. Our FCA experience helps minimise delays.
UK EMI licences no longer offer automatic EEA access. Let’s discuss your European expansion strategy – we’ll help you navigate the options.
1. Why choose the UK for my e-money business?
VAT exemption on most financial services, potential for remote onboarding, no transaction caps, and a globally respected jurisdiction with a well-developed fintech ecosystem.
2. Small EMI vs. Full EMI – what's the difference?
Small EMIs have limits on transaction volume and e-money balances while Full EMIs offer unrestricted operations. We'll analyse your business model and revenue projections to help you choose the right licence.
3. How long does the application take?
Based on our experience, expect several months. We'll streamline the process for the fastest possible outcome.
4. Do I need a UK office?
Yes, your leadership must be UK-based. We can help find suitable staff and space.
5. Do I need prior financial experience?
Experience helps, but we can guide you in building a strong team or connect you with experienced compliance professionals, ensuring a strong application.
6. Can I reach the EU with a UK EMI licence?
No, Brexit changed that. We'll help you craft a European expansion strategy.
7. Are there good EU countries for an EMI subsidiary?
The best fit depends on your target markets, preferred languages, local talent pool, and specific regulatory considerations. Popular choices include Lithuania (fast licensing), Ireland (established fintech hub), and Luxembourg (strong financial reputation). Let's develop a tailored expansion strategy together – we'll help you choose the jurisdiction that best suits your business goals.
8. Are there hidden costs in getting an EMI licence?
Beyond FCA fees, expect legal, tech, and office setup costs. We’ll also assess potential costs for recruitment and external audit requirements to give you a realistic picture.
9. What are the ongoing costs?
Expect FCA fees (based on income), compliance monitoring, audits, and potential insurance. We can help with estimates.
10. What technology do I need?
Secure customer onboarding platforms, transaction processing systems, AML/KYC monitoring software, and risk management tools. We can advise on suitable solutions or connect you with trusted technology providers.
11. Can you provide ongoing compliance support?
Yes! We offer ongoing compliance services to keep you on track.
12. Why choose your company?
We have a proven track record and a client-focused, streamlined project management approach for licensing applications. We're experts in navigating UK and global regulations, aiming to be your long-term partner for both UK compliance and global expansion.
13. Can you help me with the entire EMI application process?
Absolutely! From company formation to application submission and FCA communication, we'll guide you every step of the way.
Previous
Next
CryptoLicence specializes in simplifying the registration and licensing process for financial service providers seeking a UK EMI License. We support startups, payment service providers, and FinTech businesses in navigating the UK’s regulatory environment, ensuring full FCA compliance and smooth entry into the UK market.
With in-depth knowledge of key markets, we provide tailored compliance solutions for businesses in regions such as Hong Kong, Singapore, Malaysia, Europe and North America. Our expertise spans popular licenses, including the Czech Republic VASP license, Swiss SRO, Polish VASP, and Salvadoran cryptocurrency licenses. Our global network and understanding of local practices give your business a competitive edge.
We recognize the unique challenges international businesses face, from complex regulations and cross-border compliance to cultural differences. CryptoLicence offers comprehensive support, from navigating FCA requirements to providing customized compliance solutions. Our goal is to streamline the licensing process, empowering you to successfully launch and expand your FinTech or e-money services in the UK and beyond.
Sheldon | Director
Sheldon is a seasoned FinTech professional with 7 years of experience specializing in cross-border payments and cryptocurrency licensing, spanning from the web2 to web3 era. He has successfully managed over 30 projects, delivering expertise in payment and cryptocurrency license applications. With a strong network of strategic partnerships, Sheldon brings valuable connections and resources to every endeavor.
Connect with Sheldon on LinkedIn
Jing C | Consultant
Jing is a skilled professional specializing in project management for regulatory compliance and financial institution business development. Currently handling licensing requests in Czech and Switzerland, he also brings a strong legal background in dispute resolution to his work.
Connect with Jing on LinkedIn
Boo | Consultant
Boo offers expertise in handling UK API and Hong Kong MSO license applications, as well as maintaining the Poland VASP license. With his previous experience as an analyst at a family office VC fund, he brings a valuable skill set to the firm.
Connect with Boo on LinkedIn
Cing | Consultant
Cing Hui is a corporate and commercial law specialist with expertise in overseas company formation, customized business solutions, and legal counsel. She currently specializes in MSB (Money Service Businesses) license applications for Canadian and American entities.
Connect with Cing on LinkedIn
